{
    "fund_name": "Invesco MSCI Europe Ex UK Universal Screened UCITS ETF",
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": [
        "ESG screening complexity",
        "Complex index construction"
    ],
    "classification": "non-complex",
    "supporting_data": "The ETF uses physical replication to track the MSCI Europe Ex UK Universal Select Business Screens Index, which involves ESG screening and exclusion criteria. While the index construction is complex (excluding controversial sectors and applying ESG metrics), the ETF itself does not use derivatives for leverage or synthetic replication. The fund's risk profile is straightforward, and the use of derivatives is limited to managing risk (not as an inherent part of the strategy). The PRIIPs KID and factsheet confirm physical replication and no swap usage. The complexity of the index does not automatically make the ETF complex under MiFID II, as the underlying holdings are liquid equities.",
    "confidence": 90
}